Top New Projects in Mumbai

The National Stock Exchange (NSE) plans to convert its iconic headquarters in Mumbai's Bandra-Kurla Complex (BKC) into a large captive data center. The exchange will relocate to a newly allotted site in G Block of BKC, where it will build a new, consolidated headquarters. This move comes as part of NSE’s growth strategy to accommodate its expanding operations.

The Maharashtra government, through the Mumbai Metropolitan Region Development Authority (MMRDA), has allocated a prime land parcel of over an acre in G Block to NSE on a long-term lease of more than 80 years. This new office is expected to be completed within three years after obtaining the necessary approvals.

NSE’s current headquarters, located at Exchange Plaza, spans approximately 183,000 square feet and has been a key part of Mumbai’s financial district for years. However, as part of its expansion, NSE has already leased nearly 175,000 square feet of office space in the Adani Inspire tower in BKC and operates from two other locations, including a commercial complex in Ghatkopar and Equinox Business Park.

The new headquarters will consolidate all of NSE’s operations, including its critical information technology division, under one roof. This transformation reflects the NSE’s ambitions to adapt to its rapid growth and the evolving needs of India’s largest stock exchange.

NSE, which began operations in 1994, has grown to become one of the largest stock exchanges globally, with a dominant presence in derivatives trading and market capitalization.

The Maharashtra government has revised the ready reckoner (RR) rates for property valuations, applicable for stamp duty and taxation, for the financial year 2025-26. After keeping the rates unchanged for the last two years, Mumbai will see an average increase of 3.39%, while the state overall will experience a 3.89% hike. Municipal corporation areas across the state, excluding Mumbai, will see a larger increase of 5.95%, with municipal councils and nagar panchayats witnessing a 4.97% rise.

Urban areas will see a 3.29% rise in RR rates, while rural regions will face an average increase of 3.36%. The most notable hikes are in cities like Navi Mumbai (6.75%), Thane (7.72%), Nashik (7.31%), and Solapur (10.17%), where the increases are particularly steep.

This adjustment in rates is expected to impact the construction and real estate markets, especially developers and investors, as it could lead to higher costs. Niranjan Hiranandani, Chairman of NAREDCO, expressed appreciation for the marginal increase in Mumbai's RR rates but highlighted concerns about rising construction costs due to increased development expenses, additional FSI, and municipal charges. The revision of RR rates across the state is expected to drive up property costs, potentially impacting the affordable housing sector.

Experts caution that with Mumbai’s already high property prices, these new RR rates could make home ownership more expensive. Developers may pass on the additional financial burden to buyers, further increasing the costs in Maharashtra’s key real estate markets.

United Spirits has announced the sale of a residential property in Mumbai's prestigious Malabar Hill for Rs. 172 crore. The transaction, which was approved by the company's board, was conducted at arm's length and was not part of any related party deal. According to the stock exchange filing, buyers Ajaykumar and Manisha Vaghani will bear all applicable taxes and fees associated with the transaction.

The property includes furniture, fixtures, and fittings, and spans a ground floor along with two upper floors. United Spirits clarified that the agreement does not provide the buyers with any special rights, including the right to become directors on the company's board, or pre-emptive rights to share subscriptions or restrictions on changes to the company's capital structure.

This move is part of United Spirits' ongoing efforts to streamline its operations, as Diageo India continues to consolidate subsidiaries and liquidate non-core assets previously owned by the former USL promoter, Vijay Mallya. In a similar vein, three years ago, the company sold 32 brands to Inbrew for Rs. 828 crore under a five-year franchise arrangement.

Diageo acquired a stake in USL in 2013 and eventually took a majority stake by the following year. Mallya stepped down from the company in 2015 and left India in 2016 amidst financial difficulties.

Homebuyers facing delays in their projects due to insolvency proceedings are encountering obstacles as MahaRERA has stopped hearing complaints when projects enter National Company Law Tribunal (NCLT) proceedings. Once MahaRERA is informed that insolvency proceedings have been initiated, the authority halts hearing complaints and adjourns these cases until the NCLT resolution is completed.

In a recent order, MahaRERA stated that since the NCLT proceedings were ongoing, it could not adjudicate the complaints and directed the resolution professional to accept claims from the homebuyers.

Legal experts have raised concerns over MahaRERA’s practice of halting hearings when insolvency proceedings begin. They argue that the Insolvency Resolution Professional (IRP) appointed for the project should continue to be responsible for delivering homes to the buyers who have already paid for them. There is no law preventing MahaRERA from continuing to hear complaints or providing relief to homebuyers despite the insolvency proceedings.

In situations where a bank issues an NOC for the sale of a flat, homebuyers gain third-party rights, which the IRP cannot disregard. However, MahaRERA’s decision to stop hearings has left many buyers in limbo, waiting for years without resolution.

Currently, there are numerous projects under NCLT proceedings, with many also having complaints pending before MahaRERA. Homebuyers, who were expecting relief from MahaRERA, now face delays and confusion as their cases are adjourned indefinitely.

Homebuyers can file claims with the IRP, but this often results in minimal relief and long delays, as large creditors take precedence over the claims of individual buyers. This situation leaves homebuyers with no clear path forward.

Experts believe the government should intervene and engage all stakeholders to ensure a fair solution for homebuyers, preventing them from being left in a prolonged and unfair limbo during insolvency proceedings.

The new supply of housing properties in India's top-9 cities dropped by 34%, with 80,774 units launched between January and March 2025, compared to 1,22,365 units in the same period last year

Among the cities, Bengaluru was the only one to see an increase, with a 17% rise in new supply, reaching 20,227 units. However, other cities faced significant declines:

• Chennai saw a 46% drop, with new supply falling to 3,946 units.

• Hyderabad experienced a 38% decline, dropping to 8,773 units.

• Kolkata saw the largest fall, with a 62% decrease, resulting in only 1,874 units launched.

• Mumbai experienced a 50% decline, with only 6,359 units launched compared to 12,840 units last year.

• Navi Mumbai and Pune saw declines of 24% and 48%, respectively.

• Thane recorded a 50% drop, while Delhi-NCR saw a 14% decrease in new supply.

This decrease highlights the slowdown in the housing market across multiple cities, signaling a potential shift in demand and supply dynamics.

Sunteck Realty has approved an investment of approximately $10-20 million in Sunteck Lifestyle International (SLIPL), a wholly owned subsidiary. The investment will be made in multiple tranches and will be utilized in the form of equity, preference shares, convertible securities, or debt.

The funds will be used by SLIPL for further investments in entities associated with the ongoing Dubai project. This strategic move highlights Sunteck Realty’s commitment to expanding its international footprint and enhancing its project portfolio.

In a significant ruling, the Bombay High Court clarified that developers cannot use insolvency law to bypass their responsibilities under the Slum Rehabilitation Scheme (SRS). The court ruled that the developer’s appointment could be terminated by the Slum Rehabilitation Authority (SRA),  even if a resolution plan (RP) has been approved under the Insolvency and Bankruptcy Code (IBC). However, the ruling also clarified that such termination cannot be used to recover prior debts.

This decision came after the court dismissed a petition filed by Anudan Properties Pvt Ltd, which challenged the SRA’s decision to terminate its appointment as the developer for a slum rehabilitation project in Thane (West). The termination followed Anudan’s prolonged failure to pay transit rent arrears and meet the project completion deadlines. The SRA had previously approved the project in 2009, and a revised approval was granted in 2018. However, despite completing one rehab building for 135 slum dwellers, the second building was only 75% complete.

In 2021, the builder was dragged into insolvency proceedings by a finance company, LICHFL Trustee Company, over unpaid dues of Rs. 158 crore. Despite this, Anudan Properties argued that the resolution plan approved in 2023 had wiped out all past dues, including transit rent arrears. However, the SRA defended its decision, stating that the termination was based on the statutory provisions of the Slum Rehabilitation Act, which aims to expedite the completion of slum projects and ensure the welfare of slum dwellers.

The court noted that the developer’s claims for arrears of transit rent, pre-resolution, had been extinguished but emphasized that the SRA could still use non-performance as a ground for termination. The HC further ruled that while the resolution plan bound all stakeholders, it did not override the SRA’s authority, especially when it pertains to the welfare of slum residents.

As a part of the judgment, the Bombay HC provided Anudan Properties with a final opportunity to present a time-bound completion plan for the project and resolve the outstanding transit rent dues. The court also directed that if a new developer is appointed, they would be required to deposit a significant amount as part of the transit rent arrears.

The ruling highlights the importance of ensuring that developers fulfill their commitments to slum rehabilitation projects, irrespective of their financial status under the insolvency resolution framework.

In a major move to enhance urban living conditions, the Maharashtra Housing and Area Development Authority (Mhada) has submitted detailed redevelopment plans for slum areas in Jogeshwari, Chembur, and Kurla. These slum redevelopment plans are being executed in collaboration with the Slum Rehabilitation Authority (SRA).  A total of 228 slum schemes in Mumbai, located on land owned by various government agencies, have been stalled for years. However, these schemes are now set for redevelopment, with Mhada taking a leading role alongside the SRA in a joint venture.

Mhada has presented proposals to redevelop slums located in Jogeshwari (80 slum households), Chembur (117 households), and Kurla (110 households). These areas will undergo transformation under Regulation 33(10) of the Development Control and Promotion Regulations 2034, specifically designed for slum redevelopment. The SRA will handle the surveys, relocate slum dwellers, provide rent, and demolish existing hutments, while Mhada will manage the actual redevelopment and financing. Notably, the sale proceeds from these projects will be entirely allocated to Mhada.

In addition to Mhada, other government agencies such as the Mumbai Metropolitan Region Development Authority (MMRDA), the Municipal Corporation of Greater Mumbai (BMC), and various state bodies are also participating in the redevelopment of other slums across the city. For example, the MMRDA is overseeing the redevelopment of the Ramabai Nagar slums in Ghatkopar (East), with other agencies managing slum schemes in different areas.

The redevelopment of these slums is critical for achieving Mumbai's goal of becoming a global economic hub with a $1 trillion economy by 2030. As part of the city's development plans, slum rehabilitation and affordable housing are key priorities, with reports indicating that around 2.2 million slum households need to be resettled in the coming years.

The Bombay High Court has upheld the removal of Sushanku Builders Ltd from a slum rehabilitation project in Bandra due to significant delays in its completion. The Court dismissed the builder’s plea against a January 2024 order by the apex grievance redressal committee under the Slum Act, which ordered the builder’s removal.

The Court emphasized that while the builder had been exonerated of delay accusations up until August 2021, their actions after that point were deemed unacceptable. The builder, appointed by the slum dwellers' society, was seen as a mere licensee tasked with executing the project and profiting from it, with the ultimate goal of rehabilitating the slum dwellers. However, the failure to complete the project on time warranted their termination.

Sushanku Builders had challenged the committee's decision to replace them with a new developer for the Slum Rehabilitation Scheme (SRS) involving 220 slum dwellers. The builder argued that the delays were caused by disputes with disgruntled slum dwellers, who had hindered the project’s progress since 2012. Despite this, the High Court noted that the builder’s failure to meet deadlines after 2021 warranted their removal.

The Court further clarified that under the Slum Act, developers can be removed if there are delays or violations, as the primary aim is to clear the slum and rehabilitate its residents in authorized structures. The builder’s request to appoint a third-party developer was also seen as a key factor in the decision. The Court ruled that the grievance redressal committee’s decision to replace the builder was not an overstep of its powers, and its purpose was to expedite the slum rehabilitation project.

The new developer has been given a two-week period to issue a notice for a meeting with the slum society before proceeding with the project, with the builder still having the option to appeal to the Supreme Court.

The Ulhasnagar Municipal Corporation (UMC) has identified the 100 biggest property tax defaulters in the city, taking action after many property owners failed to pay their dues despite the Abhay Yojana scheme. The scheme, which offered a 100% discount on late payment fees for unpaid taxes, did not encourage many property holders to clear their dues. As a result, UMC decided to list these defaulters publicly as the first step in addressing the issue. Some of the defaulters include politicians and well-known builders in the city, with tax arrears running into lakhs.

The municipal corporation has urged these individuals to pay their outstanding taxes and warned that failure to comply will result in property seizures and auctions. The total property tax demand for the fiscal year 2024-25 stands at Rs 951 crore, with Rs 833.30 crore in arrears. By March 22, 2025, Rs 126 crore had been recovered, leaving Rs 824.90 crore still pending. UMC officials emphasized the importance of property tax as a key revenue source for the civic body. Despite extensive public awareness campaigns, many property owners have neglected to pay. Therefore, UMC has published the names of the first 100 defaulters and displayed the list on notice boards across the city. The civic body has once again urged citizens to settle their outstanding property taxes to avoid further action.

The Maharashtra government has announced a significant change to facilitate land redevelopment under the 12.5% scheme in Navi Mumbai. In a move to resolve ongoing challenges in the redevelopment of such plots, the state government has decided to exclude the height of stilt parking from the permissible building height. The 12.5% scheme, implemented by CIDCO in 1994, allocates 12.5% of developed land to Project Affected Persons (PAPs) as compensation for their acquired land.

Deputy Chief Minister Eknath Shinde shared this development with the legislative council, explaining that many redevelopment projects had been stalled due to existing regulations. Under the current system, the height of stilt parking was included in the overall building height limit of 13 meters, limiting developers to construct only stilt plus three floors. This restriction had caused significant delays in the redevelopment of several plots in Navi Mumbai, as developers could not fully utilize the available Floor Space Index (FSI).

The change in the Unified Development Control and Promotion Regulations (UDCPR) will now allow the exclusion of stilt parking height from the total building height, effectively enabling developers to construct additional floors beyond the previous 13-meter limit. As a result, this amendment will encourage the redevelopment of plots that have been delayed for years, particularly benefiting residents in Navi Mumbai who have been waiting for proper housing.

This change is expected to significantly boost redevelopment projects across the area, offering much-needed relief to PAPs and speeding up the construction of homes. Developers will now be able to better utilize the space available, ensuring that the potential of these plots is fully realized while also benefiting the community at large.

Brookfield has successfully entered into a strategic deal in Mumbai’s Powai to expand its commercial real estate portfolio. The deal involves the acquisition of land and a permissible floor space index (FSI) of over 1 lakh sq ft, enabling the global alternative investment firm to further solidify its position in the Indian commercial real estate market. Currently, Brookfield owns 55 million sq ft of commercial space across India, with approximately 9 million sq ft located in Mumbai, one of the key commercial hubs of the country.

This transaction is linked to the construction of Project Affected Persons (PAP) buildings as part of a rehabilitation and resettlement initiative commissioned by the Mumbai Metropolitan Region Development Authority (MMRDA). Brookfield has already invested over Rs 600 crore in the deal, with plans for further investments to develop Grade A office properties on the land. The land is part of a 30-acre plot owned by Bhawanishankar Sharma, who is also the co-promoter of Supreme Group. As per the agreement, Sharma’s companies, BSS Property Ventures and Rajeshwar Property Ventures, will oversee the project’s development.

Brookfield’s subsidiary has taken a majority stake in two special purpose vehicles (SPVs) formed by Sharma’s companies, giving it control over a 6-acre land parcel in Powai. This acquisition allows Brookfield to gain access to the free-sale component of the project that will be awarded by MMRDA. The funds raised through this deal have also been used to settle mortgage obligations with various lenders, including Indiabulls Housing Finance, Edelweiss ARC, ICICI Bank, JM Financial, and the State Bank of India.

Brookfield’s expansion in Mumbai has been robust, with notable recent projects such as its $12 billion investment pact with MMRDA for infrastructure development in the Mumbai Metropolitan Region. Additionally, the company emerged as the sole bidder for a plot in the Bandra-Kurla Complex (BKC) in an MMRDA auction and secured an 8% stake in Nirlon Ltd, which owns Nirlon Knowledge Park, further enhancing its presence in Mumbai’s commercial office space market.

Indian cricketer Suryakumar Yadav, along with his wife Devisha Yadav, has purchased two luxury apartments in the premium residential project, Godrej Sky Terraces, located in Deonar, Mumbai. The total value of the purchase is Rs 21.1 crore, with the transaction officially registered in March 2025. The apartments, located on consecutive floors, offer a combined carpet area of 392.36 sq. m. (~4,222.76 sq. ft.) and a total built-up area of 424.46 sq. m. (4,568 sq. ft.). The agreement also includes six dedicated car parking spaces.

Godrej Sky Terraces is a high-end residential project spread across 1.05 acres, offering a mix of 3 BHK and 4 BHK configurations. The project is located in Deonar, a residential locality in eastern Mumbai, near Chembur, and boasts modern amenities and prime connectivity, making it an attractive choice for both residents and investors.

The project has seen multiple sale registrations with a total transaction value of Rs. 202 crore, with an average price of Rs. 52,433 per square foot. The development is well-connected by key roads like the Eastern Express Highway, Sion-Panvel Expressway, and public transport options like the Chembur railway station and the Mumbai Monorail, further enhancing its appeal.

The transaction also included a stamp duty of Rs 1.26 crore and a registration fee of Rs 30,000, underscoring the luxury status of the property.

Godrej Properties has acquired 6.54 acres of land in Navi Mumbai's Kharghar area for 717 crore on a 60-year lease. This acquisition, made through a CIDCO auction, involves three contiguous land parcels. The deal, which includes a stamp duty payment of over 35 crore, was finalized on March 19, 2025, after an earlier announcement in October 2024 that Godrej Properties had emerged as the highest bidder for the land.

The project will offer around 2 million square feet of development potential, set to feature premium residential apartments in various configurations. The project has an estimated combined revenue potential of 3,500 crore, further solidifying the developer's presence in the rapidly growing Navi Mumbai real estate market.

This acquisition aligns with the company’s strategy to expand its footprint in key Indian real estate markets. The strategic location in Kharghar is expected to benefit from ongoing infrastructure improvements, including the operational Atal Setu and the upcoming Navi Mumbai International Airport (NMIA), which are driving increased demand for both residential and commercial properties in the region.